Youku parent firm goes back to old name

When 49-year-old Victor Koo took center stage at a meeting in Beijing earlier this month, he was not wearing his usual suit and tie. Instead Koo, better known in China as Gu Yongqiang, was dressed in a casual T-shirt and jeans, and the changes are not set to stop at his wardrobe.

The founder of Youku.com, one of the world's first major video sharing websites, pre-dating even YouTube, is preparing to shake up the online entertainment industry - again.

At that Beijing meeting, the 2,000 attendees were surprised to learn that Koo plans to re-name his company, Heyi Group, which literally means "combination with one". The name is not entirely out of the blue. It was the company's original moniker before Youku propelled it to super stardom.